RingCentral, Inc. (NYSE:RNG) CFO Sells $76,818.06 in Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,781,201.20. This represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Vaibhav Agarwal also recently made the following trade(s):

• On Tuesday, October 1st, Vaibhav Agarwal sold 1,985 shares of RingCentral stock. The stock was sold at an average price of $31.40, for a total value of $62,329.00.
• On Wednesday, August 21st, Vaibhav Agarwal sold 10,184 shares of RingCentral stock. The shares were sold at an average price of $32.88, for a total value of $334,849.92.

RingCentral Price Performance

RingCentral stock opened at $35.02 on Thursday. The business’s fifty day moving average is $33.19 and its two-hundred day moving average is $32.57. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $40.98.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. On average, equities analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RNG shares. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Robert W. Baird boosted their price objective on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Finally, Piper Sandler boosted their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.73.

Hedge Funds Weigh In On RingCentral

Several large investors have recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of RingCentral during the second quarter worth about $39,000. Venturi Wealth Management LLC lifted its holdings in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP grew its position in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. Finally, KBC Group NV grew its position in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.